Xero Zeros In On Another $150M To Do Battle With Intuit In The World Of Online SMB Accounting Software

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Nearly a year after Peter Thiel, Matrix Partners and others put an extra $49 million into Xero, the online accounting software company is adding yet more capital to its coffers. Today the New Zealand-based startup announced that it has raised $150 million (NZ$180m), led again by Peter Thiel-backed Valar Ventures and Matrix Partners. Xero says it will use the funds to continue building out its business targeting small and medium businesses, and their accountants, with its cloud-based software globally. This brings the total amount raised by the company to over $230 million.
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Paypal co-fouder Peter Thiel, along with existing investors, has invested $49 million in Xero, the online accounting software for small businesses.
It is Thiel’s third investment in Xero. Earlier this year, Thiel and existing investors put $16.6 million into the company.

New Zealand-based startup Xero has been working to make accounting easier for customers in the small and medium-sized business market. Today the company is announcing a new product that will extend it further into the back-office by offering up cloud-based payroll and tax software. Read More